Indonesia applies for CPTPP membership to boost exports
27/09/2024 229
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Indonesia has officially applied to become a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to boost its export growth.
Indonesia's Antara news agency on Wednesday cited Coordinating Minister for Economic Affairs Airlangga Hartarto as saying that the ministry has handed over the application letter to New Zealand as the depositary of the CPTPP.
Indonesia's accession process is aimed at driving structural reform in the Southeast Asian country, and expanding its access to international markets.
In May, Indonesia expressed its intention to join the trans-Pacific trade pact with a hope of drawing investment via expanding export markets.
The CPTPP is a free trade agreement in force between 11 countries, including Vietnam, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru and Singapore. The UK’s accession as the 12th member will take effect from December 2024.
Source: The Investor
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